I hear about survivorship bias, and I hear examples like “Bill Gates dropping out of college is survivorship bias”. I don’t really know how they correlate, or how to think of things with that in mind.
In: Culture
Survivorship bias is basically looking at something successful and assuming that the success is because of successful strategy, without taking into account how likely the strategy is to be successful.
If you only talk to lottery winners you might get the idea that spending your entire salary on lottery tickets is a great idea, but if you talk to everyone who buys a lottery ticket you will realize that most of them don’t win.
If you look at bill gates you might get the idea that dropping out of college is a good strategy for success, but if you talk to most college dropouts you will quickly realize that so is not the case.
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